Sellers! Things to consider if you're thinking of selling your property this Summer
Current Trends in Yorkshire and Humber: Factors Influencing Home Selling Pace and Market Dynamics
Navigating the Summer Property Market: Key Trends and Insights
In the current property market of Yorkshire and the Humber, the average number of days required to find a buyer for a property stands at 62. This average is a fundamental indicator of market dynamics, reflecting the balance between supply and demand. However, it is crucial to note that this figure can vary considerably based on several factors, particularly the location and pricing of the property.
Rural Areas: A Longer Wait
For properties situated in more rural areas of North Yorkshire, the time to find a buyer often exceeds the average 62 days. Rural homes tend to attract a more niche market, often made up of buyers seeking a quieter, countryside lifestyle. This smaller pool of potential buyers means that sellers in these areas may need to wait longer to receive viewings and offers. Additionally, rural properties may come with unique challenges such as greater distance from amenities, schools, and workplaces, which can further limit their appeal and extend the selling period.
Impact of Aspirational Pricing
Another significant factor influencing the time it takes to sell a property is pricing. Homes that are priced too top heavy, tend to linger on the market for longer with fewer viewings. Buyers are armed with extensive market information and are less likely to place higher offers on homes, like we saw many doing back in 2021/2022. As a result, higher priced homes can deter potential buyers, leading to longer wait times. This can create a cycle of price reductions and re-evaluations, often resulting in a final selling price lower than initially anticipated.
Market Implications
The extended time on the market for certain properties has various effects for the North Yorkshire property market:
- Market Perception: Homes that remain unsold for longer periods can create a perception of a sluggish market. This can influence buyer confidence and lead to more conservative offers.
- Price Adjustments: Sellers may be compelled to reduce their asking prices after a prolonged period on the market, which can affect overall market pricing trends. Frequent price drops can signal a buyer's market, encouraging more negotiations and lower offers.
- Seller Strategy: Understanding the importance of competitive pricing becomes crucial. Sellers need to balance their aspirations with market realities, ensuring that their properties are attractively priced from the outset to avoid extended selling times.
- Economic Indicators: Extended selling times can also be indicative of broader economic conditions, such as interest rate fluctuations, employment rates, and economic confidence. A longer average selling period might reflect buyer caution in response to economic uncertainty.
A silver living to all of the above is that financial markets are anticipating the first Base Rate cut in August or September. While these expectations could shift in the coming weeks, such a move would provide a boost for home-movers and improve market sentiment as we head into autumn.
If you would like to discuss the housing market in more depth, or find out how we could market your property, please get in touch on 01748 834373 or hello@lovepropertyuk.co.uk.
*Disclaimer: Information from this blog has come from Rightmove Plus's House Price Index.*
Deven Bowler
Sales Team Leader
